A great idea shouldn’t define the success of an experiential engagement. Measuring return on investment (ROI) is critical to the experiential marketer’s success.
Consumer engagement with experiential marketing occurs at four levels: event, social, leads and media. Measuring each of these categories contributes to the overall success story of an experiential engagement and the incorporated technology.
Metrics: Gross attendance, experience interactions, time spent interacting, time spent to capture a lead
Event engagement measures the physical interaction between consumers and an experience. Event engagement chronicles the efficiency of an event. For instance, did the experience engage consumers and, if so, how many consumers did it engage? However, it does not measure effectiveness.
2. Social Engagement
Metrics: Impressions, posts, shares, likes, retweets
Five years ago, social media was an experience add-on. Today, it’s a must-have. Selfie stations, photo sharing, check-ins and hashtags have become event-day requirements. No one metric should be used exclusively; instead, build an empirical dashboard across all your platforms showing how social media amplifies an at-event experience.
3. Lead Engagement
Metrics: Marketing- or sales-qualified leads, email opt-ins, contact requests, sales
We shouldn’t forget the “why” of the experience. Ultimately, we hope to sell more products. Lead generation measures experience effectiveness. A powerful experience makes it more likely that a consumer becomes a sales-qualified lead. Email opt-ins or requests-for-contact help us identify a consumer’s location in the purchase funnel. Of course, if it results in conversions or sales, there’s a compelling reason for underscoring the value of measuring the impact of experiential marketing.
4. Earned Media Engagement
Metrics: Earned media placements, impressions, sentiment, share of voice
We used to call it stunt media. Now, it’s baked into successful experiences. At times, as with the now-famous Red Bull Stratos Jump, earned media engagement is the driving force of experiences. Creating earned media generates an exponentially greater ROI because it transcends a single terrestrial event. Impressions, sentiment and share of voice are among the common ways to measure the value of each piece of earned media.